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The Real Brokerage Inc. Announces Fourth Quarter and Full Year 2023 Financial Results

The Real Brokerage Inc. (NASDAQ: REAX) ("Real" or the "Company"), a technology platform reshaping real estate for agents, home buyers, and sellers, announced today financial results for the fourth quarter and year ended December 31, 2023.

"Real delivered another record year in 2023, despite a challenging industry backdrop. Our performance both in the quarter and for the full year is a testament to our unique agent value proposition, our scalable technology platform, and our efficient operating model," said Tamir Poleg, Real’s Chairman and Chief Executive Officer. "Our differentiated technology and service offering continues to empower agents to grow their businesses against the odds, while improving the experience for home buyers and sellers. Looking forward, we're excited to continue leading the industry with cutting-edge innovations, including the One Real consumer-facing app and the Real Wallet financial ecosystem, which were designed to enhance the Real experience for agents and their clients."

"We are thrilled by the momentum we're seeing across our agent base, which has now reached the 16,000 agent milestone. This achievement is a clear indication of the attractiveness of Real's platform, and our unique, collaborative culture. With the formal launch of our Private Label and ProTeams programs in January, it is now easier than ever for independent brokerages and teams to join Real - and experience all of the benefits associated with being a part of the fastest-growing, publicly traded brokerage firm," said Sharran Srivatsaa, President of Real.

"Real achieved significant growth in Revenue, Gross profit, and Adjusted EBITDA1 in 2023, underscoring the strength and scalability of our business model," said Michelle Ressler, Real’s Chief Financial Officer. "We look forward to building on this progress and delivering year-over-year growth across each of these metrics in 2024."

Q4 and Full Year 2023 Operational Highlights

  • The total value of completed real estate transactions reached $6.8 billion in the fourth quarter of 2023, an increase of 92% from $3.5 billion in the fourth quarter of 2022. For the full year 2023, the total value of completed real estate transactions reached $25.9 billion, an increase of 80% from $14.4 billion for the full year 2022.
  • The total number of transactions closed was 17,749 in the fourth quarter of 2023, an increase of 82% from 9,745 in the fourth quarter of 2022. For the full year 2023, the total number of transactions closed was 66,646, an increase of 78% from 37,450 for the full year 2022.
  • The total number of agents on the platform increased to 13,650 at the end of the fourth quarter, a 66% year-over-year increase. As of March 7, 2024, approximately 16,000 agents are now on the Real platform.

Q4 2023 Financial Highlights

  • Revenue rose to $181.3 million in the fourth quarter of 2023, an increase of 89% from $96.1 million in the fourth quarter of 2022.
  • Gross profit reached $15.5 million in the fourth quarter of 2023, up 89% from $8.2 million in the fourth quarter of 2022.
  • Net loss attributable to owners of the Company was $12.0 million in the fourth quarter of 2023, compared to $6.8 million in the fourth quarter of 2022.
  • Adjusted EBITDA was positive $8.5 million in the fourth quarter of 2023, compared to negative ($0.1) million in the fourth quarter of 2022. Adjusted EBITDA excluding a non-recurring stock based compensation balance sheet adjustment, which totaled $6.2 million in the quarter, was positive $2.3 million in the fourth quarter of 2023, a $2.4 million improvement from negative ($0.1) million in the fourth quarter of 2022.
  • Operating expenses, which include General & Administrative, Marketing, and Research and Development expenses, increased by 76% to $26.8 million in the fourth quarter of 2023, up from $15.2 million in the fourth quarter of 2022. Operating expenses include a 70% year-over-year increase in revenue share expense, which was $6.8 million in the fourth quarter of 2023, compared to $4.0 million in the fourth quarter of 2022. Operating expenses in the fourth quarter of 2023 include a $5.1 million out of period adjustment in stock based compensation expense that was recorded in the current period.
  • Adjusted operating expenses2, which reflect operating expenses less revenue share expense, stock-based compensation, depreciation and other unique or non-cash expenses, were $11.2 million in the fourth quarter of 2023, an increase of 46% from $7.7 million in the fourth quarter of 2022.
  • Loss per share was $0.07 in the fourth quarter of 2023, compared to a $0.04 loss per share in the fourth quarter of 2022.
  • The Company repurchased 765,000 common shares for $1.1 million in the fourth quarter of 2023, pursuant to its normal course issuer bid.
  • Operating expense per transaction excluding revenue share was $1,124 in the fourth quarter of 2023, a decline of 2% from $1,146 in the fourth quarter of 2022. Adjusted operating expense per transaction was $632, a decline of 20% from $787 in the fourth quarter of 2022.

Full Year 2023 Financial Highlights

  • Revenue for the full year 2023 was $689.2 million, an increase of 81% from $381.8 million for the full year 2022.
  • Gross profit for the full year 2023 reached $62.9 million, up 97% from $32.0 million for the full year 2022.
  • Net loss attributable to owners of the Company for the full year 2023 was $27.5 million, compared to a loss of $20.6 million for the full year 2022.
  • Adjusted EBITDA was positive $13.9 million for the full year 2023, compared to negative ($0.7) million for the full year 2022. Adjusted EBITDA excluding a non-recurring stock based compensation balance sheet adjustment, which totaled $6.2 million for the year, was positive $7.6 million for the full year 2023, an improvement from negative ($0.7) million for the full year 2022.
  • Operating expenses, which include General & Administrative, Marketing, and Research and Development expenses, increased by 72% to $88.9 million for the full year 2023, up from $51.7 million for the full year 2022. Operating expenses include an 86% year-over-year increase in revenue share expense, which was $27.9 million for the full year 2023, compared to $15.0 million for the full year 2022.
  • Adjusted operating expenses, which reflect operating expenses less revenue share expense, stock-based compensation, depreciation and other unique or non-cash expenses, were $42.8 million for the full year 2023, an increase of 55% from $27.7 million for the full year 2022.
  • Loss per share was $0.15 for the full year 2023, compared to a $0.12 loss per share for the full year 2022.
  • The Company repurchased 2 million common shares for $2.9 million during 2023, pursuant to its normal course issuer bid.
  • As of December 31, 2023 the Company held unrestricted cash and investments of $28.9 million, a $10.2 million increase from the prior year. These figures reflect $14.7 million held in cash and an additional $14.2 million held in investments in financial assets.

1 There are references to "Adjusted EBITDA" and "Adjusted EBITDA excluding non-recurring stock based compensation balance sheet adjustment" in this press release, which are non-IFRS measures. See accompanying note under the heading "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures.

2 There are references to "Adjusted operating expenses" in this press release, which is a non-IFRS measure. See accompanying note under the heading "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures.

The Company will discuss the fourth quarter and full year 2023 results on a conference call and live webcast today at 8:30 a.m. ET.

Conference Call Details:

Date:

Thursday, March 7, 2024

Time:

8:30 a.m. ET

 

 

Dial-in Number:

North American Toll Free: 888-506-0062

 

International: 973-528-0011

Access Code:

232620

Webcast:

https://www.webcaster4.com/Webcast/Page/2699/49884

 

 

Replay Information:

Replay Number:

North American Toll Free: 877-481-4010

 

International: 919-882-2331

Access Code:

49884

Replay Link:

https://www.webcaster4.com/Webcast/Page/2699/49884

Real expects to file in March 2024 audited consolidated financial statements and related notes for the period ended December 31, 2023 and 2022, the related management’s discussion and analysis for the year ended December 31, 2023, and its annual information form for the year ended December 31, 2023 (collectively, the “Annual Filings”), with the U.S. Securities and Exchange Commission in its annual report on Form 40-F on EDGAR (www.sec.gov) and with the Canadian securities regulators on SEDAR+ (www.sedarplus.ca).

Non-IFRS Measures

This news release includes reference to “Adjusted EBITDA”, “Adjusted EBITDA excluding non-recurring stock-based compensation balance sheet adjustment” and “Adjusted Operating Expense”, which are non-International Financial Reporting Standards (“IFRS”) financial measures. Non-IFRS measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies.

Adjusted EBITDA is used as an alternative to net income by removing major non-cash items ,such as depreciation, amortization, interest, stock-based compensation, current and deferred income tax expenses and other items management considers non-operating in nature.

Adjusted EBITDA excluding non-recurring stock based compensation balance sheet adjustment is used as an alternative to net income by removing major non-cash items such as depreciation, amortization, interest, stock-based compensation, current and deferred income tax expenses and other items management considers non-operating in nature, but removes a non-recurring balance sheet adjustment recorded in the fourth quarter of 2023.

Adjusted Operating Expense is used as an alternative to operating expenses by removing major non-cash items such as stock-based compensation, depreciation, and other unique or non-cash expenses, while retaining ongoing fixed operating expenses and excluding variable cash expenses associated with revenue share.

Adjusted EBITDA, Adjusted EBITDA excluding non-recurring stock-based compensation balance sheet adjustment, and Adjusted Operating Expense have no direct comparable IFRS financial measures. The Company has used or included these non-IFRS measures solely to provide investors with added insight into Real’s financial performance. Readers are cautioned that such non-IFRS measures may not be appropriate for any other purpose. Non-IFRS measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Our Adjusted EBITDA and Adjusted EBITDA excluding non-recurring stock based compensation balance sheet adjustment are reconciled to the most comparable IFRS measure for the three months and twelve months ended December 31, 2023 and 2022 and are presented in the table below labeled Reconciliation of Total Comprehensive Loss Attributable to Owners of the Company to Adjusted EBITDA and Adjusted EBITDA excluding non-recurring stock-based compensation balance sheet adjustment. Our Adjusted Operating Expense reconciled to the most comparable IFRS measure is presented on a quarterly basis for the prior two fiscal years in the table below labeled Reconciliation of Operating Expense to Adjusted Operating Expense.

THE REAL BROKERAGE, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in thousands of U.S. dollars)
(unaudited)
 
As of
December 31, 2023 December 31, 2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents

$

14,707

 

$

10,846

 

Restricted cash

 

12,948

 

 

7,481

 

Investments in financial assets

 

14,222

 

 

7,892

 

Trade receivables

 

6,441

 

 

1,547

 

Other receivables

 

63

 

 

74

 

Prepaid expenses and deposits

 

2,132

 

 

529

 

TOTAL CURRENT ASSETS

 

50,513

 

 

28,369

 

NON-CURRENT ASSETS
Intangible assets

 

3,442

 

 

3,708

 

Goodwill

 

8,993

 

 

10,262

 

Property and equipment

 

1,600

 

 

1,350

 

Right-of-use assets

 

-

 

 

73

 

TOTAL NON-CURRENT ASSETS

 

14,035

 

 

15,393

 

TOTAL ASSETS

 

64,548

 

 

43,762

 

 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable

 

571

 

 

474

 

Accrued liabilities

 

13,374

 

 

11,866

 

Customer deposits

 

12,948

 

 

7,481

 

Other payables

 

302

 

 

1,188

 

Lease liabilities

 

-

 

 

96

 

TOTAL CURRENT LIABILITIES

 

27,195

 

 

21,105

 

NON-CURRENT LIABILITIES
Warrants outstanding

 

269

 

 

242

 

TOTAL NON-CURRENT LIABILITIES

 

269

 

 

242

 

TOTAL LIABILITIES

 

27,464

 

 

21,347

 

 
EQUITY
EQUITY ATTRIBUTABLE TO OWNERS
Share premium

 

62,567

 

 

63,204

 

Stock-based compensation reserve

 

52,937

 

 

25,083

 

Deficit

 

(78,205

)

 

(50,704

)

Other reserves

 

(167

)

 

(469

)

Treasury Stock, at cost

 

(257

)

 

(14,962

)

EQUITY ATTRIBUTABLE TO OWNERS

 

36,875

 

 

22,152

 

Non-controlling interests

 

209

 

 

263

 

TOTAL EQUITY

 

37,084

 

 

22,415

 

TOTAL LIABILITIES AND EQUITY

 

64,548

 

 

43,762

 

THE REAL BROKERAGE, INC.
CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS
(Expressed in thousands of U.S. dollars, except for per share amounts)
(unaudited)
 
Three Months Ended December 31, Year Ended December 31,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues

$

181,341

 

$

96,118

 

$

689,158

 

$

381,756

 

Commissions and other agent-related costs

 

165,810

 

 

87,898

 

 

626,285

 

 

349,806

 

Gross Profit

 

15,531

 

 

8,220

 

 

62,873

 

 

31,950

 

 
General & administrative expenses

 

15,387

 

 

7,121

 

 

42,913

 

 

24,155

 

Marketing expenses

 

9,084

 

 

7,061

 

 

38,611

 

 

22,674

 

Research and development expenses

 

2,325

 

 

1,002

 

 

7,359

 

 

4,867

 

Operating Loss

 

(11,265

)

 

(6,964

)

 

(26,010

)

 

(19,746

)

 
Other income/(expenses), net

 

(693

)

 

62

 

 

(587

)

 

729

 

Listing expenses

 

-

 

 

(16

)

 

-

 

 

(151

)

Finance expenses, net

 

(32

)

 

159

 

 

(619

)

 

(1,167

)

Net Loss

 

(11,990

)

 

(6,759

)

 

(27,216

)

 

(20,335

)

Net Income Attributable to Noncontrolling Interests

 

(26

)

 

50

 

 

285

 

 

242

 

Net Loss Attributable to Owners of the Company

 

(11,964

)

 

(6,809

)

 

(27,501

)

 

(20,577

)

Other comprehensive income/(loss), Items that will be reclassified subsequently to profit or loss:
Cumulative (gain)/loss on investments in debt instruments classified as at FVTOCI reclassified to profit or loss

 

116

 

 

128

 

 

330

 

 

(407

)

Foreign currency translation adjustment

 

(38

)

 

(58

)

 

(28

)

 

285

 

Total Comprehensive Loss Attributable to Owners of the Company

 

(11,886

)

 

(6,739

)

 

(27,199

)

 

(20,699

)

Total Comprehensive Income Attributable to NCI

 

(26

)

 

50

 

 

285

 

 

242

 

Total Comprehensive Loss

 

(11,912

)

 

(6,689

)

 

(26,914

)

 

(20,457

)

Loss per share
Weighted-average number of Common Shares

 

182,450

 

 

179,103

 

 

178,127

 

 

178,201

 

Basic and diluted loss per share

$

(0.07

)

$

(0.04

)

$

(0.15

)

$

(0.12

)

THE REAL BROKERAGE, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Expressed in thousands of U.S. dollars)
(unaudited)
 
Three Months Ended December 31, Year Ended December 31,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

OPERATING ACTIVITIES
Net Loss

$

(11,990

)

$

(6,759

)

$

(27,216

)

$

(20,335

)

Adjustments for:
Depreciation and amortization

 

298

 

 

108

 

 

1,128

 

 

333

 

Impairment of goodwill

 

-

 

 

-

 

 

723

 

 

-

 

Equity-settled share-based payment

 

19,423

 

 

13,877

 

 

38,403

 

 

16,201

 

Finance costs

 

(65

)

 

(70

)

 

91

 

 

167

 

Changes in operating assets and liabilities:
Trade receivables

 

(3,902

)

 

(764

)

 

(4,894

)

 

(1,293

)

Other receivables

 

12

 

 

-

 

 

11

 

 

(51

)

Prepaid expenses and deposits

 

(807

)

 

253

 

 

(1,603

)

 

(81

)

Accounts payable

 

(82

)

 

(835

)

 

97

 

 

420

 

Accrued liabilities

 

(4,316

)

 

(917

)

 

7,752

 

 

5,316

 

Customer deposits

 

(3,385

)

 

(2,599

)

 

5,467

 

 

4,170

 

Other payables

 

(1,770

)

 

(340

)

 

(86

)

 

1,148

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

(6,584

)

 

1,954

 

 

19,873

 

 

5,995

 

 
INVESTING ACTIVITIES
Purchase of property and equipment

 

(182

)

 

(481

)

 

(629

)

 

(1,408

)

Acquisition of subsidiaries

 

-

 

 

(707

)

 

-

 

 

(8,152

)

Investment deposits in debt instruments held at FVTOCI

 

(81

)

 

1,306

 

 

(6,847

)

 

(125

)

Investment withdrawals in debt instruments held at FVTOCI

 

2

 

 

637

 

 

847

 

 

637

 

NET CASH USED IN INVESTING ACTIVITIES

 

(261

)

 

755

 

 

(6,629

)

 

(9,048

)

 
FINANCING ACTIVITIES
Purchases of common shares

 

(1,104

)

 

(1,149

)

 

(2,865

)

 

(8,060

)

Shares withheld for taxes

 

(362

)

 

-

 

 

(362

)

 

-

 

Proceeds from exercise of stock options

 

(90

)

 

192

 

 

502

 

 

265

 

Payment of lease liabilities

 

-

 

 

33

 

 

(96

)

 

(35

)

Cash payment for contingent consideration

 

-

 

 

-

 

 

(800

)

 

-

 

Dividends paid to non-controlling interest

 

(36

)

 

48

 

 

(339

)

 

(19

)

NET CASH USED IN FINANCING ACTIVITIES

 

(1,592

)

 

(876

)

 

(3,960

)

 

(7,849

)

 
Net change in cash, cash equivalents and restricted cash

 

(7,714

)

 

(6,300

)

 

9,284

 

 

(10,902

)

Cash, cash equivalents and restricted cash, beginning of year

 

35,339

 

 

24,547

 

 

18,327

 

 

29,129

 

Fluctuations in foreign currency

 

29

 

 

80

 

 

44

 

 

100

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH BALANCE, ENDING BALANCE

$

27,655

 

$

18,327

 

$

27,655

 

$

18,327

 

 
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Share-based compensation as part of Expetitle consideration

 

-

 

 

-

 

 

-

 

 

4,325

 

Share-based compensation as part of LemonBrew consideration

 

-

 

 

-

 

 

-

 

 

450

 

                 
THE REAL BROKERAGE, INC.
RECONCILIATION OF TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO OWNERS OF THE COMPANY TO ADJUSTED EBITDA
AND ADJUSTED EBITDA EXCLUDING NON-RECURRING STOCK BASED COMPENSATION BALANCE SHEET ADJUSTMENT
(Expressed in thousands of U.S. dollars)
(unaudited)
                 

Three Months Ended

For the Year Ended

December 31, 2023

 

December 31, 2022

 

December 31, 2023

 

December 31, 2022

 

Net Loss and Comprehensive Loss

$

(11,886

)

$

(6,739

)

$

(27,199

)

$

(20,699

)

Add/(Deduct):                
Finance Expenses, net  

32

 

 

(170

)

 

619

 

 

1,167

 

Net Income Attributable to Noncontrolling Interest  

(26

)

 

50

 

 

285

 

 

242

 

Cumulative (Gain)/Loss on Investments in Debt Instruments Classified as at FVTOCI Reclassified to Profit or Loss  

(116

)

 

(128

)

 

(330

)

 

407

 

Depreciation  

298

 

 

108

 

 

1,128

 

 

333

 

Stock Based Compensation Adjustments  

19,423

 

 

6,132

 

 

38,403

 

 

16,700

 

Goodwill Impairment  

723

 

 

-

 

 

723

 

 

-

 

Listing Expenses  

-

 

 

16

 

 

-

 

 

151

 

Restructuring Expenses  

58

 

 

160

 

 

223

 

 

222

 

Other Professional Expenses  

-

 

 

456

 

 

-

 

 

762

 

Adjusted EBITDA1  

8,506

 

 

(115

)

 

13,852

 

 

(715

)

Non-Recurring Stock Based Compensation Balance Sheet Adjustment  

6,208

 

     

6,208

 

   
Adjusted EBITDA1 Excluding Non-Recurring Stock Based Compensation Balance Sheet Adjustment  

2,298

 

 

(115

)

 

7,644

 

 

(715

)

                 
1Adjusted EBITDA for December 31, 2022 has been restated to account for Stock-Based Compensation recognized in Cost of Goods Sold.
THE REAL BROKERAGE, INC.
BREAKOUT OF REVENUE BY SEGMENT
(Expressed in thousands of U.S. dollars)
(unaudited)
         

Three Months Ended

For the Year Ended

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

Main revenue streams        
Commissions

$

180,417

$

97,327

$

684,873

$

379,868

Title  

480

 

477

 

2,990

 

1,869

Mortgage Income  

444

 

19

 

1,295

 

19

Total Revenue  

181,341

 

97,823

 

689,158

 

381,756

THE REAL BROKERAGE INC.

RECONCILIATION OF OPERATING EXPENSE TO ADJUSTED OPERATING EXPENSE BY QUARTER
(Expressed in thousands of U.S. dollars)
(unaudited)
 

2022

2023

Q1

Q2

Q3

Q4

 

Q1

Q2

Q3

Q4

Operating Expense

$10,129

$13,496

$12,886

$15,184

$17,846

$21,499

$22,742

$26,796

Less: Revenue Share Expense

2,703

4,376

3,876

4,020

5,434

7,684

7,946

6,840

Revenue Share Expense (% of revenue)

4.4%

3.9%

3.5%

4.2%

5.0%

4.1%

3.7%

3.8%

Less:
Stock-Based Compensation - Employees

1,205

897

281

608

1,019

1,214

285

6,543

Stock-Based Compensation - Agents

582

547

1,776

2,614

1,541

1,640

2,769

1,830

Depreciation Expense

3

135

87

108

269

284

277

298

Restructuring Expense

-

-

62

160

41

44

80

58

Subtotal

1,790

1,579

2,206

3,490

2,870

3,182

3,411

8,729

Adjusted Operating Expense1

5,636

7,541

6,804

7,674

9,542

10,633

11,385

11,226

Adjusted Operating Expense (% of revenue)

9.1%

6.7%

6.1%

8.0%

8.8%

5.7%

5.3%

6.2%

 
1Adjusted operating expense excludes revenue share, stock-based compensation, depreciation and other non-recurring or non-cash expenses.

 

THE REAL BROKERAGE INC.

KEY PERFORMANCE METRICS BY QUARTER
(unaudited)
 

2022

2023

Q1

Q2

Q3

Q4

 

Q1

Q2

Q3

Q4

Transaction Data
Closed Transaction Sides

6,248

10,224

11,233

9,745

10,963

17,537

20,397

17,749

Total Value of Home Side Transactions ($, billions)

2.4

4.2

4.2

3.5

4.0

7.0

8.1

6.8

Median Home Sale Price ($, thousands)

$345

$375

$360

$348

$350

$369

$370

$355

Agent Metrics
Total Agents

4,500

5,600

6,700

8,200

10,000

11,500

12,175

13,650

Agent Churn Rate (%)

7.9

7.2

7.3

4.4

8.3

6.5

10.8

6.2

Revenue Churn Rate (%)

1.6

2.1

2.5

2.4

4.3

3.8

4.5

4.9

Headcount and Efficiency Metrics
Full-Time Employees

112

121

122

118

127

145

162

159

Full-Time Employees, Excluding One Real Title and One Real Mortgage

82

91

87

84

88

102

120

118

Headcount Efficiency Ratio1

1:55

1:62

1:77

1:98

1:114

1:113

1:101

1:116

Revenue Per Full Time Employee ($, thousands)2

$752

$1,235

$1,283

$1,144

$1,226

$1,817

$1,789

$1,537

Operating Expense Excluding Revenue Share ($, thousands)

$7,426

$9,120

$9,010

$11,164

$12,412

$13,815

$14,796

$19,956

Operating Expense Per Transaction Excluding Revenue Share ($)

$1,189

$892

$802

$1,146

$1,132

$788

$725

$1,124

Adjusted Operating Expense ($, thousands)3

$5,636

$7,541

$6,804

$7,674

$9,542

$10,633

$11,385

$11,226

Adjusted Operating Expense Per Transaction ($)

$902

$738

$606

$787

$870

$606

$558

$632

 
1Defined as the ratio of full-time brokerage employees (excluding One Real Title and One Real Mortgage employees) to the number of agents on our platform.
2Reflects total Revenue divided by full-time brokerage employees (excluding One Real Title and One Real Mortgage employees).
3Adjusted operating expense excludes revenue share, stock-based compensation, depreciation and other non-recurring or non-cash expenses.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, information relating to Real’s fourth quarter and full year 2023 earnings call, the release of the financial results and the business and strategic plans of Real.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. Important factors that could cause such differences include, but are not limited to, slowdowns in real estate markets, economic and industry downturns and Real’s ability to attract new agents and retain current agents. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

About Real

Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence in all 50 states throughout the U.S. and Canada, Real supports 16,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses. Additional information can be found on its website at www.onereal.com.

Contacts

For additional information, please contact:

Ravi Jani

Vice President, Investor Relations and Financial Planning & Analysis

investors@therealbrokerage.com

908.280.2515



For media inquiries, please contact:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

elisabeth@therealbrokerage.com

201.564.4221

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